Peter Thiel backs crypto-friendly Silicon Valley Bank rival — Report

Before its collapse, Silicon Valley Bank had deep ties to crypto companies and venture capital funds investing in the industry.

A group of billionaires, including Peter Thiel, is reportedly planning to launch a new financial services firm to fill the gap left by the collapse of Silicon Valley Bank in March 2023.

The new bank, to be called Erebor, will focus on serving startups and cryptocurrency companies, according to the Financial Times, which cited anonymous sources familiar with the plans. The project has applied for a US bank charter, which allows financial institutions to operate as a bank.

Thiel’s venture fund, Founders Fund, is among the bank’s early investors. In addition to Thiel, the group reportedly includes Palmer Luckey, co-founder of defense contractor Anduril, and Joe Lonsdale, founder of 8VC.

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